The median price of a home in King County is now up to $400,000; which is 11.1% higher than this time last year, 2% higher than last month, and the highest level since December of 2008. In Snohomish County the median home price has reached $295,000; up 15.5% from this time last year.
Inventory is down 35% from April 2012 and we only have about a 1 month supply of homes currently on the market. Experts are saying that the shrinking inventory is the main reason for prices increasing so drastically, but that this isn’t sustainable in the long run, and that in order for the market to really stabilize we need some inventory.
Click here to read the full article to learn more about the effect that this is having on new construction, short sales, and appraisals.